BlackRock Enters Tokenized Money Market with GENIUS-Compliant Funds

BlackRock has launched two new tokenized money market funds, building on its digital asset strategy. The firm aims to meet the standards set by the GENIUS Act to be considered a reserve asset.

The products, BlackRock Select Treasury Based Liquidity Fund (BSTBL) and BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), are now available on Ethereum and other blockchain networks.

BSTBL offers onchain shares of the fund, while BRSRV provides daily dividend reinvestment. Securitize will act as the transfer agent and tokenization provider for BRSRV.

BlackRock's Chief Financial Officer, Martin Small, emphasized the company's plans in the stablecoin arena during a call. 'We already manage $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market,' he said.